How To Buy A Multi Million Dollar Life Insurance Policy In 2023
You are here inquiring about a multi million dollar life insurance policy and you came to the right place.
If you are covering a large real estate purchase and need a 10 million dollar life insurance policy, you came to the right place.
Or, maybe you are covering 20 years of income to protect your family with a 3 million dollar life insurance policy, you came to the right place.
Heck, we even get calls for a 50 million dollar life insurance policy which is considered a reissuer policy, we got you covered.
Overall, we will hold you by the hand and make this experience enjoyable and efficient as you are now talking to the experts. Read on and enjoy.
- High Net-Worth Individuals And Life Insurance
- The Best Life Insurance Companies for High Net Worth Individuals
- What Would A 100 Million Dollar Life Insurance Policy Cost
- What Would A 50 Million Dollar Life Insurance Policy Cost
- 25 Million-Dollar Life Insurance Policy Cost
- 10 Million Dollar Life insurance Policy Cost
- 10 Million Whole Life Insurance Policy Cost
- 5 Million Dollar Life insurance Policy Cost
- 3 million dollar life insurance policy
High Net-Worth Individuals And Life Insurance
Above all, purchasing a multi-million dollar life insurance policy sounds like a lot.
I mean to the average American the idea of needing a 2 million dollar insurance policy, a 30 million dollar life insurance policy, or even a 100 million life insurance policy seems unimaginable.
Whether it is term life insurance or universal life insurance it is very important to talk to an independent agent for these types of life insurance quotes.
Furthermore, going with a 30-year term or a 15-year term will really come down to the health class which will determine the rate.
In this article we will break down the affluent consumers and why they, in fact, need these ridiculous policy amounts.
Stay tuned for multi million dollar quotes.
Multi-Million Dollar Life Insurance Policies
Let’s get to it…..
How much does a million-dollar insurance policy cost? Forget that, what about a multi-million dollar life insurance policy?
In some cases, consumers sometimes have more to protect than just their spouse and children or assets such as a home.
Furthermore, a one-million-dollar policy just won’t be enough.
In fact, a multi-million dollar life insurance policy might be a good way to protect assets to prevent uncle sam from taking a big bite out of your estate after you pass away.
If you have a net worth in the 8 to the 9-figure range that can be a very very big chunk!!
If you are an affluent consumer, then you worked hard to accumulate assets over the decades.
In this day and age having a 10 million, 100 million, or even a billion-dollar net worth is not something that’s unheard of.
In fact, there are 11 million millionaires in this country and more than 550 billionaires in the US, the most of any country.
So you have a lot to protect and a multi-million dollar policy would help to properly protect assets.
What is the highest life insurance policy ever written?
The Biggest Life Insurance Policy Ever Sold Was From A Billionaire In Silicon Valley For $201 Million, A Guinness World Record!!
A policy that large could put an insurance carrier out of business, so the risk was spread out over 19 different companies each with less than $20 million.
Read more about this by clicking here.
So Let’s Have Some Fun!!! Let’s See What These Mammoth Policies Cost!!
The Best Life Insurance Companies for High Net Worth Individuals
When considering life insurance coverage for high net worth consumers it’s very important to consider the best insurance carrier.
Whether it be universal life, level term, or permanent life insurance the amount of life insurance is just as important as picking the carrier.
First of all, when I have a high net worth client the most important is qualifying him for his rating class which will determine the life insurance rates.
Medical conditions such as high blood pressure if controlled will not be considered high risk.
Furthermore, having a candidate in excellent health will always make the process go smoother.
In fact, that is what you strive for when buying life insurance for high net worth consumers.
Whether it’s an affordable term or whole life, that is what we strive for!
The top 5 carriers I like to use when determining coverage for affluent clients have the qualities to make sure the death benefit will secure the family financially for the future.
Let’s face it, applying for a 10 million, 25 million, 50 million, or 100 million dollar policy is more than just taking a medical exam!
Here are our top 5:
- Protective Life
- Pacific Life
- American National (Living Benefits)
It is important to know that age and income are factored in when purchasing life insurance.
Above all, the carrier does not want you to worth more dead than alive.
Here are the basic multiples of income that a carrier will allow before asking questions to make sure you are not overinsuring.
|AGE||Multiples of Income|
|Under 30||Up To 40x|
What Would A 100 Million Dollar Life Insurance Policy Cost
Above all, if you are lucky enough to be placed in a decision to have to get a multi-million dollar policy such as $100 million in coverage life must be good.
However the old saying, “More money more problems” might have some validity to it.
But who are we kidding, if you are getting a $100 million dollar policy life is pretty good!
With that said, chances are if you are purchasing a 100 million dollar life insurance policy you are probably a CEO of a technology company or owner of a retail store chain like the Waltons owners of Walmart.
Bottom line, you are not worried about getting cheap burial insurance that’s for sure.
Again, if you are looking into a hundred million dollars in coverage you might be one of these people.
I am sure they are not concerned about non-guarantees vs guarantees of a policy.
Forbes Top 10 Billionaires (As of 11/13/2021)
|1||Elon Musk||$271.5 B||50||Tesla, SpaceX||United States|
|2||Jeff Bezos||$203.1 B||57||Amazon||United States|
|3||Bernard Arnault & family||$199.5 B||72||LVMH||France|
|4||Bill Gates||$138.8 B||66||Microsoft||United States|
|5||Larry Page||$127.0 B||48||United States|
|6||Larry Ellison||$126.1 B||77||Software||United States|
|7||Sergey Brin||$122.3 B||48||United States|
|8||Mark Zuckerberg||$121.9 B||37||United States|
|9||Steve Ballmer||$106.0 B||65||Microsoft||United States|
|10||Warren Buffett||$104.1 B||91||Berkshire Hathaway||United States|
Another reason for getting such a large amount of coverage is to secure a mammoth loan!
Maybe you are purchasing a professional sports franchise, or buying a Super Yacht just to name a few.
So how much does a 100 million dollar life insurance policy cost?
Yes, I said it, 100 million dollars!!
Well, if you are established, the average age for becoming a billionaire is 51.
So this example will be from a 51-year-old healthy male and female who are purchasing 100 million dollars of coverage.
100 Million Dollar Life Insurance Policy Cost For A Male
Below are the rates for $100,000,000 life insurance policy for Term, Universal Life, and Whole Life.
This table will be age range 20-80.
|20/Male||10 Year Term||$1,272.25||$14,540.00|
|20 Year Term||$2,486.31||$28,415.00|
|30 Year Term||$4,433.83||$50,672.30|
|25/Male||10 Year Term||$1,272.25||$14,540.00|
|20 Year Term||$2,486.31||$28,415.00|
|30 Year Term||$4,433.83||$50,672.30|
|30/Male||10 Year Term||$1,272.25||$14,540.00|
|20 Year Term||$2,486.31||$28,415.00|
|30 Year Term||$4,903.50||$56,040.00|
|35/Male||10 Year Term||$1,471.31||$16,815.00|
|20 Year Term||$2,827.56||$32,315.00|
|30 Year Term||$5,895.75||$67,380.00|
|40/Male||10 Year Term||$2,051.00||$23,440.00|
|20 Year Term||$4,256.01||$47,289.00|
|30 Year Term||$8,944.69||$102,225.00|
|45/Male||10 Year Term||$4,052.56||$46,315.00|
|20 Year Term||$8,316.00||$95,040.00|
|30 Year Term||$14,803.25||$169,180.00|
|50/Male||10 Year Term||$6,697.25||$76,540.00|
|20 Year Term||$13,371.31||$152,815.00|
|30 Year Term||$24,636.08||$281,555.00|
|55/Male||10 Year Term||$12,295.06||$140,515.00|
|20 Year Term||$22,237.05||$254,137.70|
|30 Year Term||$45,933.45||$524,953.70|
|60/Male||10 Year Term||$18,847.35||$215,398.30|
|20 Year Term||$38,715.69||$442,465.00|
|65/Male||10 Year Term||$36,069.69||$412,225.00|
|20 Year Term||$75,780.51||$866,063.00|
|70/Male||10 Year Term||$60,862.73||$695,574.00|
|20 Year Term||$155,634.85||$1,778,684.00|
|75/Male||10 Year Term||$124,253.50||$1,420,040.00|
|15 Year Term||$232,456.09||$2,656,641.00|
|80/Male||10 Year Term||$226,907.19||$2,593,225.00|
100 Million Dollar Life insurance Policy Cost For A Female
- 100 MILLION DOLLAR TERM POLICY FOR 30YRS: $20,211.63/MONTHLY $230,990.00/ANNUALLY
- 100 MILLION DOLLAR UL POLICY: $58,350.00/MONTHLY $684,230.00/ANNUALLY
**Although these rates are what a quote spits out. The idea of one carrier taking the risk on a 100 million dollar life insurance policy is slim to none. As we explained, it will be broken up into multiple carriers between 10-20 million.
What Would A 50 Million Dollar Life Insurance Policy Cost
Ok, so after talking about the 100 million dollar life insurance policy cost it almost feels small talking about anything else, even the 50 million dollar life insurance policy cost.
But first, let’s talk about who would be getting this type of policy.
First of all, when I think about a policy like this and the type of client it consists of the first three that come to mind is the key man or a buy-sell agreement to a major corporation, or a professional athlete.
Another that squeaks in is a deferred compensation plan for multiple employees of a corporation.
This works wonders on tax-deferred write-offs for a corporation small or large.
Moreover, professional athletes earn millions of dollars of income through contracts and endorsements.
In fact, the lifestyles we see daily for the likes of Lionel Messi, Lebron James, Neymar, and Roger Federer are what dreams are made of.
So it would not be uncommon for athletes such as these to purchase a 50 million dollar life insurance policy.
As a matter of fact, it’s literally one year’s income in some cases.
Forbes Top 10 Highest-Paid Professional Athletes (As of 5/2021)
|1||Conor McGregor||UFC||$180 million|
|2||Lionel Messi||soccer||$130 million|
|3||Cristiano Ronaldo||soccer||$120 million|
|4||Dak Prescott||NFL||$107.5 million|
|5||LeBron James||NBA||$96.5 million|
|7||Roger Federer||tennis||$90 million|
|8||Lewis Hamilton||F1||$82 million|
|9||Tom Brady||NFL||$76 million|
|10||Kevin Durant||NBA||$75 million|
So there you have it, so it is not so hard to believe that some of these pro athletes would be or have purchased a 50 million dollar life insurance policy.
So what Will A 50 Million Dollar Life Insurance Policy Cost Me
Prudential is one of the carriers I would trust with a big retail policy like 50 million in coverage. Especially for a term policy.
$50,000,000 on a 30yr term with Prudential for an athlete in the middle of their prime, (30 yrs of age), your looking at:
Protective Life would be the carrier I would trust with the bulk of this policy.
In some cases, you would need to split it up into a few carriers.
Especially with a UL or a GUL product that guarantees to pay out one day. Depending on how you utilize these policies in some cases they can be used as an investment.
$50,000,000 on a UL/GUL product which is permanent life policy, for an athlete in their prime (30yrs of age), you’re looking at:
25 Million-Dollar Life Insurance Policy Cost
Ok, let’s talk about the small policies, LOL.
All kidding aside, the cost of a 25 million dollar life insurance policy can still be steep depending on the age and health.
Again there are 11 million millionaires in this country.
Above all, if you are still working or running a business and you are under the age of 50 then this just might cover loss of income over 2 decades.
The 25 million dollar life insurance policy can also be for a buy-sell agreement for a mid-sized company.
For example, if you have a company with a net worth of 100 million dollars and four partners, then a 25 million dollar life policy for each partner would be perfect.
God forbid if one of the partners dies, the policy would then buy out the family of the deceased.
So let’s see what a 25 million dollar life insurance policy costs!
This is based on a 45-year-old male and female, in great health for a 20-year term to the retirement age of 65.
25 Million Dollar Life Policy For A Male
25 Million Dollar Life Policy For A Female
10 Million Dollar Life insurance Policy Cost
What does 10 million looks like in coverage?
Another multi-million dollar life policy that’s more common these days than in the past is the 10 million dollar life insurance policy.
How much is 10 million dollar life insurance policy?
Most of these policies I have seen in my career have been usually for estate taxes for clients with a net worth ranging from $15 million to $30 million.
With that said, the IRS will come knocking at your door with its hand out when someone passes away with a considerable net worth.
This is usually referred to as the federal estate tax!
A 10 million life insurance policy cost is very common for estates over 25 million.
Call your independent agent to find out how to get a 10 million dollar life insurance policy and the cost of ten million dollars in coverage.
10 Million Whole Life Insurance Policy Cost
Above all, when you are looking for a 10 million dollar life insurance policy much comes to mind.
For instance, are you protecting a specific time like say 20 years or 30 years?
What are my monthly premiums going to be?
Is the amount of money enough?
Will it give me peace of mind?
Overall, your age and health history will be scrutinized.
However, whether it’s a 20-year term or a whole life policy you will need an insurance agent that is on top of his game, is an expert at what he does!
When looking at the best million dollar life insurance policies the person you work with is more important than the company you work with.
But if you are looking for a 10 million dollar whole life policy, you better be working with someone that knows the difference between participating and non-participating.
What PUA/PUAR are? In addition, knowing what the infinite banking concept is (IBC).
Here are the best rates for a $10 million dollar whole-life policy for ages 20-80.
|Age/Gender||$10,000,000.00 Whole Life Policy||Monthly||Annually|
Multi-Million Dollar Life Insurance Policy For Estate
In 2018, the estate and gift tax exemption is $5.6 million per individual.
This did increase from 2017.
Basically what this means is if you die you are allowed to leave your loved ones $5.6 million without paying federal estate or a gift tax.
If married, you can protect $11 million from the federal estate and gift taxes.
So if you have a $25 million dollar net worth and you are a married couple, after you both pass away there could be an estate tax of $13,800,000.
This is where a 10 million dollar life insurance policy will come in.
So what does a 10 million dollar life insurance policy cost? Let’s find out!
This is very important because you do not want your legacy!
Furthermore, if you are making a good income of over $500,000 a year in your early 40s, then this also would be a good idea.
Also, you can save up to 50% on your life insurance premiums if you layer your policies.
So LET’S see what a 10 million life insurance policy will cost!
This is based on a healthy 45-year-old male and female.
10 MILLION DOLLAR LIFE POLICY FOR A MALE
10 MILLION DOLLAR LIFE POLICY FOR A FEMALE
5 Million Dollar Life insurance Policy Cost
So we have been through the big policies, doesn’t the 5 million dollar life insurance policy look small?
How much does a 5 million life insurance policy cost?
I mean after talking about billionaires, highest-paid sports athletes, high net worth individuals and estate taxes now we get to the normal stuff, what does 5 mil will cost?
Above all, it’s just another multi-million dollar life policy, right?
Now we are getting close to the common folks.
However, we are still in the 1%, affluent population.
But a 5 million dollar policy is pretty common for those that make between 250k and 500k annually.
I mean the rule of thumb is at least 10 times your income.
If you are not sure how much life insurance you need, here is a great planner!!
So let’s see what a 5 million dollar life policy will cost.
We will base this off of a 40-year-old healthy male and female on a 30yr term that will bring them to retirement age.
5 MILLION DOLLAR LIFE POLICY FOR A MALE
5 MILLION DOLLAR LIFE POLICY FOR A FEMALE
This should answer the question of how much is a 5 million dollar life insurance policy!
3 million dollar life insurance policy
Above all, when shopping for a multi-million dollar life insurance policy you want you to want to make sure you get exactly what you purchasing.
For instance, the 3 million dollar life policy will be great for someone making between $150k and $300k a year.
In fact, if you are in your 40s you probably still have children that are young or in grade school.
So this will make sure in the event of your death that they will be covered.
If you know me, then you know when it comes down to life insurance I like to keep it simple.
We can talk about college, for which the average cost for college was $33,480 for a private college, $9,650 for state residents of public colleges, and $24,930 for out-of-state residents attending universities.
With that said, it really comes down to your paycheck!!
That is what will cover all of this.
However, if you die, your paycheck dies with you.
It is important to maintain between 10 and 20 times your income if you have children below 10 years of age!!
3 Million Life Insurance Policy Cost
I recently wrote a case for a widower senior over age 75 for a 3 million dollar GUL with Protective Life.
Her husband had recently passed away and she was left with a net worth of 18 million.
She had a second to dies policy for $6 million.
Adding an additional $3 million of coverage will protect her assets from the IRS and the estate and gift tax!
She needed and could handle a multi-million dollar insurance policy cost.
Let’s See What A 3 Million Dollar Life Policy Will Cost.
We will base this on a 45-year-old healthy male and female.
The main goal is to get all of the kids out of the house and get to the social security retirement age of 65.
Basically knocking off two birds with one stone!!
3 MILLION DOLLAR LIFE POLICY FOR A MALE
3 MILLION DOLLAR LIFE POLICY FOR A FEMALE
2 Million Life Insurance Policy Cost
How much does a 2 million life insurance policy cost?
If you are buying a 2 million life insurance policy you might be protecting income, the mortgage, or college tuition.
However, whatever the reason, 2 million life insurance protection will give your family a head start.
Below are the rates for a 2 million life insurance premium cost for a 20-year term for a male and female aged 30, 40, 50, and a 60-year-old.
No, if you are wondering how much a million dollar life insurance policy costs after reading this article, you may want to go to our 1 million dollar life insurance article.
The idea of needing a 2 million dollar insurance policy, a 30 million dollar life insurance policy, or even a 100 million life insurance policy seems unimaginable.
But if you are the average American and your family relies on your income to survive then it’s important that you have enough coverage for both yourself and them in case something were to happen.
If you think this is an unrealistic expense, take into consideration how much money would be lost by not having enough coverage.
You can get started today with just one quote from us!
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I’m interested in getting quotes for a $2 Million and $3 Million life insurance on myself. I’m a 50 year old female with a daughter 20. I’d like to leave her with a substantial amount of money to take care of her the rest of her life should I pass. I look forward to hearing from you. Thank you.
Hi Ms. Holden, This is Danny Ray the owner. This is one of my specialties. I am emailing you right now.